For over two decades, we have known of the apartheid-era’s grand theft, and the bankers who profited.
This loot, disguised under the auspices of ‘lifeboats’ from SARS to “struggling” banks and companies, amounted to plain fraud, and the billions stolen must now be returned to its rightful owners: the South African people.
Where has all this come from?
In 1997, our secret service contracted Ciex, an asset recovery company run by ex-British spies.
Their report, known as Project Spear, found that in the final years of the apartheid regime, the government through SARB provided ZAR26 billion to companies and banks.
To put this number into perspective, it is the equivalence of the government’s entire 2016 subsidy for tertiary education!
Of this figure, over 10%, or ZAR3.2 billion, went to ABSA alone. This week, we have learnt that the people’s Public Protector, Busisiwe Mkhwebane is hot on their heels!
Where is this money now?
Today, we see this stolen money in the form of opulence amidst growing poverty and unemployment.
As the table below shows, whilst the CEOs of the big four rake in millions off the back of this stolen loot, ordinary black South Africans continue to suffer in poverty, with employment reaching 27%, and the number of people living below the poverty line increasing by 1.6 million since 1994!
|Bank||CEO||Total CEO package (ZAR Million)||Amount looted during apartheid (ZAR Billion)|
|Remgro||Bernard Fornas & Richard Lepeu||29.488||2.75|
|Sanlam||Ian Kirk||5.3 (basic salary)||2.75|
Remember, these are apartheid era figures. Interest or inflation is not factored in. Taking Absa alone, over ZAR7 billion has been accrued in interest alone!
The people’s Public Protector
The Office of the Public Protector has three pillars: accountability, integrity & responsiveness. No one should ever consider themselves above this, including monopoly capital!